European Stocks Close Higher
European stocks held on to early gains and closed firmly higher on Thursday with gains in most sectors as markets assessed the latest developments in Europe's trade and monetary policy.
The STOXX 50 jumped closed 1.1% higher while the pan-European STOXX 600 rose a softer 0.4% due to the higher weight of losses in the pharmaceutical sector. The trade deal between the US and the UK kept the 10% US tariffs on UK goods.
Meanwhile, the EU threatened to tariff a series of US goods should their negotiations fall through. On the monetary policy front, the Riksbank and the Norges Bank held their rates, while the BoE delivered a cut.
Tech and financials led the gains in the STOXX 50, with ASML, UniCredit, Santander, and Intesa Sanpaolo jumping over 3%. Also, AB InBev jumped 3.2% after delivering strong results.
On the other hand, Mercedes Benz dropped 6% after economic uncertainty made it cut its dividend. Also, Novo Nordisk sank 4% after lowering the guidance on one of its obesity drugs.
Source: trading Economics
